London police are investigating an "offensive banner" unfurled by Crystal Palace fans at the football match against New Castle on Saturday, protesting the recent Saudi-led takeover of the Tyneside club.

"Police received a report of an offensive banner displayed by Crystal Palace fans," Croydon Metropolitan Police said in a tweet.

"Officers are assessing the information and carrying out enquiries. Any allegations of racist abuse will be taken very seriously."

The banner was displayed at Selhurst Park, Crystal Palace’s home stadium. It showed a man in traditional Gulf Arab clothing with a bloody sword about to behead a magpie, which is the symbol of Newcastle club.

Next to the image, the banner listed multiple human rights abuses Saudi Arabia is accused of: terrorism, beheading, civil rights abuses, murder, censorship, and persecution.

Each line was ticked off, and the list was placed on a clipboard titled “Premier League Owners Test.”

Premier League chief executive Richard Masers was also on the banner, shown to be giving a thumbs-up to a bag of money while standing in a pool of blood.

Holmesdale Fanatics, Crystal Palace supporters' group, in a statement said the Saudi-led takeover of Newcastle has "received widespread condemnation and anger."

"To give the thumbs up to this deal at a time when the Premier League is promoting the women's game and inclusive initiatives such as rainbow armbands, shows the total hypocrisy at play and demonstrates the league's soulless agenda where profits trump all," it said.

The press release added that "we are lucky to live in a country where we can display a banner such as this without repercussion."

The news is the latest in the long-running controversy over the takeover of Newcastle led by Saudi Arabia’s state sovereign wealth fund, the Public Investment Fund (PIF), which was completed earlier this month in a £300 million deal.

PIF is chaired by Saudi Crown Prince Mohammed bin Salman, who has been linked to the 2018 murder of journalist Jamal Khashoggi, but has denied involvement./aa